Crypto Holds Steady, US Indexes Tick Up as Investors Await CPI Data

Written by BTSE

June 13, 2023

Crypto Market Analysis

Trending Tokens on BTSE:

24h %








(as of  2:50 AM UTC, June 13, 2023) 


On the BTSE exchange, Bitcoin (BTC) experienced a modest uptick of 0.99% over the past 24 hours, placing its current price at US$26,101.80. Similarly, Ethereum (ETH) saw a slight increase of 0.58%, with its price currently standing at US$1,750.77. However, FODL Finance (FODL) took a steep plunge, depreciating by 17.54% to a value of US$0.0235. On a positive note, PlayZap (PZP) surged by 25.09% to a price of US$0.7638, making it a standout performer on BTSE. 

Investors are holding their breath in anticipation of the Consumer Price Index (CPI) data set to be disclosed on Tuesday, a situation that sent Bitcoin’s value falling below the US$26,000 mark. The decline is further exacerbated by the Securities and Exchange Commission (SEC)’s ongoing legal disputes with cryptocurrency giants, Coinbase and Binance. These factors have stirred significant volatility in the digital currency market. As of the morning in Asia however, Bitcoin has seen some slight pushback, once again crossing the US$26k line by the time of writing.

A distinct dichotomy between digital and conventional financial markets has been observed as US equity indexes demonstrated an uptick, contrasted by a downturn in the cryptocurrency realm. The S&P 500 managed to advance by 0.9%, its strongest performance in a year. In the meantime, the Nasdaq, dominated by technology stocks, soared by 1.5%. The Dow Jones Industrial Average wasn’t far behind either, registering a 0.5% increase. Concurrently, the yield on the 10-year Treasury nudged upwards to 3.73%. 

Binance.US, the American arm of the global cryptocurrency exchange Binance, could find its operations severely curtailed due to a Temporary Restraining Order (TRO) initiated by the SEC. This action follows the lawsuits launched by the SEC against Binance, Binance.US, and their CEO, Changpeng “CZ” Zhao, last week. If the TRO is enforced, it may prove to be a significant setback, potentially putting an end to Binance.US’s operations, as per the company’s statement.

As investors look to the latest CPI reports this month, time will tell where crypto prices will lead going forward.


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